v, 39 pages : 28 cm

"In the difficult circumstances where a sovereign debt restructuring becomes unavoidable, restoring the country's debt to a sustainable path is key to ensuring a credible and durable exit from the crisis. In recent years, a number of countries -- including Argentina, the Dominican Reputlic, Ecuador, Moldova, Pakistan, Russia, Ukraine, and Uruguay -- have had to restructure their sovereign liabilities, either following a default, or preemptively to avoid a default. This study takes stock of these countries' experiences with debt-restructuring operations, with a view to assessing the outcomes and whether debt sustainability has been restored. The emphasis of the study is on sovereign debt owed to private creditors, and the analysis is based on information available as of late 2005 ..."--Preface, v

Includes bibliographical references (pages 36-37)

Overview -- Cross-country experience with recent sovereign debt restructurings -- Sovereign debt restructuring and debt sustainability -- Conclusions -- Appendixes -- The role of the IMF -- Outcomes of recent restructurings -- Debt decompositions in the post-restructuring phase -- Public debt ratios and probabilities of debt crises

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